IRON and STEEL
Bhushan Power & Steel - a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 0.22 MnT in Jan'19. The sourcing witnessed drop of 32% on monthly basis as against 0.33 MnT a month ago.
In FY'19 (Apr-Jan'19) the company's total sourcing witnessed at 2.88 MnT, with largest supplier being Rungta mines at 0.82 MnT.
Sourcing from Rungta mines decreased sharply in Jan'19
Bhushan Power & Steel's iron ore sourcing from Rungta mines recorded at 0.06 MnT for the month, down 57% on monthly basis as against 0.13 MnT in Dec'18.
Essel mining supplies recorded at 0.12 MnT, up 7% against 0.11 MnT in last month.
Serajuddin mines supplies dropped to nil in Jan'19, as compared to 14,850 MT in Dec'18.
State owned miner- OMC mines recorded 35% fall at 0.04 MnT in Jan'19 as against being 0.07 MnT a month before.
Bhushan Power & Steel NCLAT Case Update
Bhushan Power and Steel is one of the companies undergoing bankruptcy proceedings.
As per the latest updates, JSW Steel is declared as the winning bidder for Bhushan Power and Steel (BPSL) after the Committee of Creditors (CoC) sent a letter of intent (LoI) to the Sajjan Jindal-owned JSW Steel.
After JSW Steel accepts the LoI, the resolution professional will submit JSW Steel's plan to the National Company Law Tribunal (NCLT) for its approval and with NCLT's approval, the year-long battle between JSW Steel and Tata Steel to acquire BPSL will come to an end.